https://www.taxtmi.com/caselaws?id=177080 The Tribunal condoned the delay in filing the appeal by the revenue, citing reasonable cause and referencing a Supreme Court decision. The disallowance of business loss due to foreign exchange fluctuation was deleted based on trading receipts and a precedent. Similarly, the disallowance of establishment and other expenses was deleted as necessary expenses for maintaining the establishment were deemed allowable deductions. The Tribunal upheld the decisions of the Commissioner of Income-tax (Appeals) on all grounds, dismissing the revenue's appeal. en-us Mon, 23 Jan 2012 00:00:00 +0530 Sat, 02 Jan 2016 13:15:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177080 The Tribunal condoned the delay in filing the appeal by the revenue, citing reasonable cause and referencing a Supreme Court decision. The disallowance of business loss due to foreign exchange fluctuation was deleted based on trading receipts and a precedent. Similarly, the disallowance of establishment and other expenses was deleted as necessary expenses for maintaining the establishment were deemed allowable deductions. The Tribunal upheld the decisions of the Commissioner of Income-tax (Appeals) on all grounds, dismissing the revenue's appeal. Case-Laws Income Tax Mon, 23 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177080